Event management firm Motivaction confirms CVA

Hertfordshire-based events management speicalists Motivaction has agreed a Creditors Voluntary Arrangement (CVA) with its creditors.

The agreement was reached with creditors, including HMRC, to address the company’s debts, estimated by Insolvency News to stand at over £561,000.

Managing Director David Buxton (pictured) said: “The directors took the decision to restructure the business in February 2014 due to specific areas of the business under-performing, however there were no compulsory redundancies.

“As part of this restructure, the company has entered into a voluntary arrangement with a small number of creditors, enabling the company to re-focus on the core creative communications and event business.”

It is understood the company is attempting to secure further investment to move forward.

The company reported a pre-tax profit of £53,000 in its 2012 accounts, down from £103,000 the year previously.

The largest credit by far is HMRC, owed over £400k. Performing Artistes, Vitah Music, Funky Furniture Hire and City Furniture Hire are also on the creditors list.
 
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Paul Colston

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Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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